MTNL shares hit 5% upper circuit on signing a deal with NBCC for Rs 1,600 cr project.
NBCC informed exchanges that it has signed a Memorandum of Understanding (MoU) with Mahanagar Telephone Nigam Ltd (MTNL) to collaborate and “develop a prominent land parcel of MTNL measuring approximately 13.88 acres located on Pankha Road, New Delhi.”
The company said the project is estimated to be about Rs 1600 crore. The MoU was signed in the presence of K P Mahadevaswamy, CMD, NBCC, and A Robert J. Ravi, CMD of MTNL.
